PMV Pharma Announces $30 million raised in Series A Financing
PMV Pharma Announces $30 million raised in Series A Financing Dec 2014
OrbiMed leads Series A financing supported by founding investor, InterWest Partners
DOYLESTOWN, PA – December 2, 2014 – PMV Pharmaceuticals, Inc., a leader in the discovery and development of p53 targeted small molecule drugs for the treatment of cancer, announced today the completion of a $30 million Series A financing. This financing is being led by OrbiMed, with participation by Osage University Partners, and supported by founding investor, InterWest Partners.
Founded by p53 thought leader Arnold Levine and world-renowned virologist Thomas Shenk, PMV Pharma possesses unique insights into p53 biology and the discovery of selective modulators of p53 and its pathways. p53’s importance in human biology is profound: it is the most commonly mutated protein in human cancers with more than half of all tumors containing mutant p53. The proceeds of this financing will support the advancement of the Company’s rapidly emerging pipeline of p53 focused therapeutics.
“We are pleased to have OrbiMed, a leader in healthcare investing, lead this financing that will help progress our novel first-in-class programs towards delivering fundamentally new medicines to cancer patients”, commented David Mack, Ph.D., President and CEO of PMV Pharmaceuticals. “The enthusiasm and confidence from our new and existing investors underscore the strengths of our approach to drug discovery and development based upon our p53 platform and insights.”
“PMV Pharma is leading what is truly one of the last greenfield opportunities in oncology - drugging the 'guardian of the genome'. PMV Pharma’s approach, could yield breakthrough therapies to treat large segments of the cancer patient population” said Peter Thompson, M.D., Orbimed Private Equity Partner. In conjunction with the Series A financing, Dr. Thompson will be joining PMV’s Board of Directors.
Dr. Arnold Oronsky, InterWest Partners founding investor added “We are pleased to have such quality investors join us in backing PMV Pharma and our pursuit of revolutionary cancer drugs. This financing is an important step toward reaching the potential of the next generation of cancer therapeutics”.
About PMV Pharma
PMV Pharma is developing first-in-class p53 and p53 pathway modulators for the treatment of cancer. Bringing together leaders in the field to utilize over three decades of p53 biology, PMV Pharma combines unique biological understanding with pharmaceutical development focus. PMV Pharma has corporate operations in Redwood City, California and Research and Development in Doylestown, Pennsylvania.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with approximately $12 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed's team of more than 80 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya.
For more than 30 years, InterWest has partnered with exceptional entrepreneurs to build winning technology and Healthcare companies. With more than 200 years of combined operating and investing experience, the firm’s investing team has raised $2.8B, completed more than 80 IPOs, and participated in nearly 81 upside acquisitions. As the firm invests InterWest X, a $650M fund, the InterWest team continues to believe that providing capital is just the beginning of a long-term collaboration with entrepreneurs to turn their vision into a thriving company.